Swiss Cantobank Shuts FX Desk Shifts Focus To Stocks And Bonds

Swiss Cantobank International closed its foreign exchange operation in London last week because "we did not see that we could increase our market share to where we would like to," says R.E. Staehli, general manager of the bank’s London office.

Staehli says the stiff competition between banks in London was one of the underlying reasons the bank’s board of directors decided to eliminate its three-person currency trading operation and, instead, further develop its capabilities in securities and bond